{"id":7423,"date":"2010-03-09T11:09:09","date_gmt":"2010-03-09T16:09:09","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7423"},"modified":"2010-03-09T11:09:09","modified_gmt":"2010-03-09T16:09:09","slug":"eurusd-drifts-lower-with-light-news","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/09\/eurusd-drifts-lower-with-light-news\/","title":{"rendered":"EUR\/USD Drifts Lower with Light News"},"content":{"rendered":"

The EUR\/USD is drifting lower today after the currency pair was unable to break through previous March highs during yesterday\u2019s run higher.\u00a0 The data wire has been relatively quiet the last couple trading sessions, yet investors are opting to retreat from the risk trade regardless.\u00a0 Both Moody\u2019s and Fitch cautioned that the UK\u2019s financials are still not in a healthy position, likely yielding today\u2019s downturn in the risk trade.\u00a0 German Industrial Production printed 5 basis \"\"<\/a>points below analyst expectations, though the result isn\u2019t too bad to get worked up over.\u00a0 Meanwhile, Sarkozy issued a statement defending Greece and implied that the EU will find means of supporting the country if deemed necessary.\u00a0 However, Sarkozy\u2019s vote of confidence hasn\u2019t yielded the kind of impact one may expect on the EUR\/USD even if the Euro is outperforming the Pound.\u00a0\u00a0 The story now becomes whether the EUR\/USD can continue to hold above March and February lows despite current selling pressure.\u00a0 The data wire will begin to heat back up during tomorrow\u2019s Asia trading session with China\u2019s New Loans and Trade Balance due.\u00a0 Additionally, the EU will print France\u2019s Industrial Production data.\u00a0 China will likely dominate the headlines and continued strong performance could give the risk trade a jolt to the topside.\u00a0 Meanwhile, the EUR\/USD\u2019s focus remains monthly lows and its psychological 1.35 level.<\/p>\n

Technically speaking, the EUR\/USD faces multiple downtrend lines along with 3\/8 and 3\/3 highs.\u00a0 As for the downside, the EUR\/USD has several uptrend lines serving as technical cushions along with 3\/5 and 3\/2 lows.\u00a0 Meanwhile, the psychological 1.35 area could continue to have an impact on price movements.<\/p>\n

Present Price: 1.3554<\/p>\n

Resistances: 1.3557, 1.3574, 1.3589, 1.3606, 1.3619, 1.3654<\/p>\n

Supports:\u00a0 1.3542, 1.3528, 1.3511, 1.3494, 1.3460, 1.3436<\/p>\n

Psychological: March and February Lows, 1.35<\/p>\n

\"\"<\/a><\/p>\n

(click to enlarge)<\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/a><\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EUR\/USD is drifting lower today after the currency pair was unable to break through previous March highs during yesterday\u2019s run higher.\u00a0 The data wire has been relatively quiet the last couple trading sessions, yet investors are opting to retreat from the risk trade regardless.\u00a0 Both Moody\u2019s and Fitch cautioned that the UK\u2019s financials are … <\/p>\n

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